This is already the second meeting
in this format since the beginning of the year. I propose that we focus today
on the current state of the national economy. The trends are becoming more or less clear, and we have an overall understanding of the ongoing developments.
New Year holidays have long passed, so it is time for us to gain better
understanding of these trends, evaluate them and plan our work accordingly.

Overall, we are seeing positive
economic momentum. Almost all key indicators for 2016 are already available,
showing us that last year’s results exceeded our expectations. According to the latest figures, GDP declined by 0.2 percent, which is better than we initially
expected, while industrial output increased by 1.1 percent.

See also

Let me add that inflation hit
record-low levels last year at just 5.4 percent, which is better than expected.
We thought that it would not be less than 6 percent, maybe 6.1 percent, but it
came in at 5.4 percent. This year, inflation continues to decelerate. In February, the inflation rate on a year-on-year basis went below the psychological threshold of 5 percent. As of February 13, it stood at 4.72
percent.

Business activity is also
recovering, and the so-called business confidence index is on the rise. Of course, we need to maintain this positive momentum by ensuring a predictable
economic and financial environment for our businesses.

It is now essential to find balanced
solutions with a view to further curtailing inflation, developing domestic
manufacturing, industrial production and agriculture, which in turn will lead
to increases in real incomes. Let me emphasise that this is one of our key
priorities as far as economic and social policies are concerned.